Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
follow me on twitter http://twitter.com/#!/lucksr

Monday, June 25, 2012

Reigning The Nifty 25th June 2012



 Weekly Chart




The positives about the week's move was that selling was aborted after taking support at the downtrendline from 5629. The long lower shadow shows buying at support.The higher high higher low was maintained too.
The negatives -- The resistance around the 100 dema and the 50 % retracement level of fall from 5629 to 4770, forming a small black  body making the candle resemble a hanging man is bearish.Close was below the 40 and 100 dema.
Oscillators support some more upside.Trade above 5000 will be bullish.


Weekly Chart



Daily Chart




An Inside day pattern on daily charts.( Read about Inside Day here -- http://vipreetinvestments.blogspot.com/2009/03/inside-day.html  ). The trade is to be taken on the break of the range of day one- that is 21st June , whether upside or down. For the nifty the levels for thursday are at 5170 on upside and 5093 on the downside. So wait for the breakout to occur and trade accordingly.
Have redrawn the rising wedge support linewhich has support now at 5114.The 200 dema stands at 5147 and only a decisive close above this will bring in more bulls.Oscillators are in neutral zone and have moved sideways in line with the Nifty thus not offering much insight into the future.The chart below will be helpful to decide action for Monday.



 Daily Chart




 Half Hourly Chart




Above chart shows supports at 5103-5125 for the day and chart below shows the need to cross the strong resistance of 5190-5195 for further upmove.


Half Hourly Chart





follow me on twitter http://twitter.com/#!/lucksr

Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com

No comments: